Which of the following categories constitutes the majority of federal outlays in 2016?
a. National defense
b. Interest on the federal debt
c. Social Security, Medicare, and welfare
d. Grants to states and localities
e. Capital expenditures
c
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Globalization has depressed wages in western industrialized countries, particularly those for
A) highly skilled workers. B) highly educated workers. C) semi-skilled workers. D) low skilled workers.
To an economist, the term "needs"
A) means the purchase of necessary goods. B) is objectively undefinable. C) identifies the purchases of basic goods and services. D) refers to the purchase of goods by the poor.
Suppose the United States unexpectedly decided to pay off its debt by printing new money. Which of the following would happen?
a. People who held money would feel poorer. b. Prices would rise. c. People who had lent money at a fixed interest rate would feel poorer. d. All of the above are correct.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.